The former president of a Paso Robles lending company faces up to five years in prison after pleading no contest this week to five felony counts of securities fraud.
Candy Wells, 59, operated Heritage Lending, offering hard money loans and investments in real estate projects. But in October of 2009, after 10 years in business, she abruptly closed the business she shared with her husband, Ronald, 63. The California Department of Corporations, along with the District Attorneys Office, then undertook a three-year investigation that determined that Wells had caused $1.3 million in losses to numerous victims between 2007 and 2009.
Both Candy and Ronald Wells were arrested in March in Oceanside. Ronald Wells has since pleaded no contest to a felony charge of being an accessory after the fact and is expected to be sentenced to five years of felony probation and three months in San Luis Obispo County Jail.
His wife is expected to be sentenced to a period of four or five years in prison and will be ordered to pay full restitution to her victims.
The couple will be sentenced in San Luis Obispo Superior Court on Sept. 19.